New Insurance Agent has questions!!?

Question

I Sent my first policy about 2 weeks ago,and i had many mistakes on it and it still hasnt went through underwritting when will i get paid??

Answer 1

Don't be surprised if it take 10-12 weeks . The insured must accept the policy. If the insured decides he/she doesn't want it, you won't get paid. If the company decides not to write the policy, you won't get paid. If the company makes a counter-offer, due to something discovered in underwriting, the insured can walk away.

So, there is always a wait between the time you take the application and the time the policy is effective.If it hasn't passed underwriting yet, you have to stay on top of the company to be sure you and the person to be insured have delivered everything needed for them to make a decision.

It is very hard for new agents,because money isn't coming in regularly. Good luck.

Answer 2

I would think you need to get the mistakes taken care of before you should get paid. Ask your boss and see what he or she says..

Answer 3

Depends on what company you work for...

and what type of insurance you're selling...

This is a very vague question.

Impossible to answer

Answer 4

what company are you with? yes you have to take care of all the mistakes first

Answer 5

Well, it could be two more weeks before that application comes back to you for correcting.   Most of the time, the underwriter won't accept the application, until it's correct.  They can't make changes/corrections there - it's against Best Practices.  

Normally, you get paid around the 15th of the month, for the business you did two months ago.  If the coverage is accepted May 16th, then the commission should appear on your July 15th statement.  Or July 1st statement, or whatever date in July that statements are run.